Minister confirms civil service pension reform

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

PIA GLOVER-ROLLE

A CABINET minister yesterday confirmed that draft legislation for a new civil service pension plan will son be presented to the public sector unions to obtain their views and feedback.

Pia Glover-Rolle, minister of state for the public service, told the House of Assembly during the 2023-2024 Budget debate: “The Government, led by the Ministry of Finance, is exploring ways that a contributory pension plan provide a rate of 10 percent where there is a transfer of real property to a nonBahamian”, comes just a year after the Government changed the rates for all purchasers - Bahamian and foreign - for deals valued at less than $1m by inserting a so-called ‘sliding scale’.

While all purchases worth $100,000 or less remained attracted 2.5 percent VAT on the purchase price, the Davis administration in the 2022-2023 Budget lowered the rate on transactions worth between $100,000 and $300,000 from 10 percent to just 4 percent. Similarly,